Xchanging Plc., a company offering business process, procurement and technology services, has partnered with Deutsche Bank to release Netsett, a technology platform.
Netsett offers global accounting and net settlement, using structured data to enable the exchange and settlement of accounting information automatically. It facilitates the transfer of claims and premium data both within insurance groups and between cedents, brokers and carriers. Netsett was developed using Xchanging Insurance Services’ experience of the London market and partnership with Deutsche Bank, said Xchanging.
The platform was piloted with RSA throughout 2013, proving to increase capital efficiency by 80 percent, streamline operational efficiency by 50 percent, and increase transparency and control for users, resulting in 0 percent unreconciled cash or ledger items. It offers access to enhanced management information and greater control over regulatory risk and compliance. A separate e-accounting pilot between carriers and brokers utilizing peer-to-peer technology and processes is underway.
“This solution to industry-wide problems springs from our commitment to client-centric products and innovation, and will go on to provide transformational changes for the insurance sector on the strength of this partnership,” said Michael Spiegel, global head of trade finance and cash management corporates, global transaction banking, Deutsche Bank.
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